If you want to be a successful entrepreneur one of the things that you’re going to have to do is be able to recognize opportunity when it knocks. An opportunity to fill a much needed gap in the market or to change your business to take advantage of a trend could mean the difference between a little bit of success and a huge amount. But you must know what these opportunities look like so that you can grab them when you see them.
Here are three ways to recognize an opportunity.
It Might Not Be Perfect
One of the earmarks of a good opportunity is that it doesn’t sound too good to be true. A true opportunity that has great potential isn’t going to be perfect when you encounter it. You’re going to have to do the work to make it into a successful venture. However, one thing that should have is potential. If you can see it becoming a great idea in the future than it might just be the opportunity that you been looking for but just be sure that just because an idea is imperfect that you don’t discard it completely.
It Is Built on Previous Failures
The best ideas are the ones that have evolved over time because they have been honed through past failures. If an idea has been through the furnace of discovery, there is a much greater chance of it working when you decide to implement it. In other words, you might want to give an idea time to fail a few times before you decide to run with it yourself, because otherwise, you’ll be making all of those mistakes yourself and that won’t result in the grand opportunity the you’re envisioning.
It Might Not Be What It Was Intended to Be Used for Originally
Some of the best ideas that have ever been thought of were completely different takes on what a product or service was originally intended for. The idea might’ve been a failure as it was intended but it sparked an entire new thought process and brand-new applications. These accidental inventions ended up being something completely different because someone had the ability to see past the original application. For example, both the slinky and silly putty toys were intended for industrial application. However, they failed as intended and instead became some of the most popular toys ever invented.
Do Successful Entrepreneurs Always Take Big Risks?
One of the things that make people wary of entering the world of entrepreneurship is that they are risk-takers by nature and they believe that they are going to be able to be a successful entrepreneur without taking huge risks. One of the first things that always comes to mind is the business loan or investment in a company. A business loan for tens or even hundreds of thousands of dollars is certainly a risky venture and when the economy is poor would-be entrepreneurs simply give up before they start because they are afraid of those risks. But do successful entrepreneurs always take huge risks?
The Truth about Successful Entrepreneurs
The truth is, while entrepreneurs do take risks once in a while and should take a risk if the chances of success are good, most entrepreneurs are actually very conservative when it comes to risk. For example, a successful entrepreneur isn’t going to spend a hundred thousand dollars buying inventory for an online store without first spending a few hundred dollars in designing a website in order to test whether or not the product would be popular; such as a website with the products listed but showing how to start when someone tries to buy one. This gives the business owner real numbers to evaluate risk with a tiny investment.
How Entrepreneurs Prevent Risks
Entrepreneurs to become successful rarely do it out of sheer chance. Although there have been a few cases where a person was in the right place at the right time, they still had to develop the product and get it in front of people. But the majority of the time, chances almost nothing to do with it. Instead, analysis and smart decisions are the framework of their business, both things geared towards minimizing the risk is much as possible.
How Entrepreneurs Minimize Their Investment
Also, entrepreneurs look for ways to save money, even if it’s only a few dollars, because each cost-saving action can add up to quite a bit of money. That’s why they look for very low cost or free things that will allow them to make their business better without costing them anything. Some examples of this are: software, marketing, web design and much more. Successful entrepreneurs minimize the risk, save money wherever they can and end up with an investment that is engineered to succeed – and that’s the right way to approach entrepreneurship.